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RETAIL BANKING | Staff Reporter, Singapore

Citi's APAC consumer bank revenue up 7% at $7.3b in 4Q17

It is their sixth consecutive quarter of growth.

Citi's Asia Pacific Consumer Bank ends 4Q17 with sixth consecutive quarter of revenue growth by 7% at $7.3b and net income up 16%. The bank, covering 12 markets in Asia and five in EMEA, became the fastest-growing consumer business for Citi globally in 2017.

These results were from strong broad-based growth across markets and key products including retail banking, wealth, and cards. The progress of the bank's digital transformation with a number of innovations and market firsts across core products also helped to reap these results.

“This client led growth is the result of our strategy to reallocate resources for growth. We are transforming our consumer bank model from analogue to digital to be relevant to our clients in all our 17 markets with investments in digital and our wealth model,” said Anand Selva, head of Asia Pacific consumer banking.

For 2018, Anand added, “In the Consumer Bank our priority is to sustain this growth with accelerated progress on digitization driven by extensive use of Big Data and next gen analytics, and leveraging our open banking capabilities with APIs to integrate and embed ourselves with partners at a much faster pace.”

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